Latest news with #BankalEtihad
Yahoo
17-05-2025
- Business
- Yahoo
Bank al Etihad to acquire Investbank
Bank al Etihad and banking solutions provider Investbank have announced Jordan's largest banking merger. Both the companies' respective boards of directors have approved a strategic merger under which Bank al Etihad is set to acquire 100% of Investbank's share capital. This acquisition will be executed through a capital increase by Bank al Etihad, where newly issued shares will be allocated to Investbank shareholders in exchange for their full ownership transfer. The merger will result in Investbank being integrated into Bank al Etihad, which will remain the surviving entity, in compliance with relevant legal and regulatory requirements. Upon completion, Bank al Etihad's capital is expected to rise to Jd325.2m ($458.6m), with total equity projected to reach approximately Jd1bn ($1.41bn). The combined total assets will approach Jd11bn ($15.5bn), positioning Bank al Etihad as one of the largest banking institutions in the country. Both banks have committed to retaining their employees, acknowledging the significance of human capital in achieving success and maintaining stability. They aim to create a supportive work environment that enables professionals to excel in this new phase. Basem Salfiti will continue as chairman of the board, while Fahmi Abu Khadra is set to become vice chairman, pending board approval. Muntaser Dawwas is expected to be appointed as CEO, subject to approval from the Central Bank of Jordan. Her excellency Nadia Al-Saeed will remain in her position until the transition is finalised. The merger will be presented to the general assemblies of both banks during extraordinary meetings scheduled for 25 June 2025. This will mark the beginning of the formal procedures, pending the necessary regulatory approvals from the Central Bank of Jordan, the Ministry of Industry and Trade / Companies Control Department, and the Jordan Securities Commission. In 2023, Bank al Etihad partnered with Swiss fintech NetGuardians to enhance its fraud prevention capabilities by implementing NetGuardians' AI-driven payment fraud prevention solution. "Bank al Etihad to acquire Investbank" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
16-05-2025
- Business
- Zawya
Jordan's Bank al Etihad to buy smaller Investbank, bank officials say
AMMAN - Jordan's Bank al Etihad has acquired smaller peer Investbank in a deal that will create one of the kingdom's biggest lenders, bank officials said on Thursday. The two banks' boards agreed to a stock-for-stock acquisition that will create an entity with a total equity value of over $1.4 billion, Bank al Etihad Chairman Basem Salfiti, told Reuters. "This will allow the bank to continue and accelerate its growth trajectory with the right resources and strong capital base," Salfiti said. The Central Bank of Jordan has long encouraged mergers among a robust and well capitalised banking sector with over $100 billion in assets. Officials say the market is overcrowded with 16 commercial banks. Bank al Etihad, one of Jordan's biggest lenders, provides a range of mainly retail services while Investbank is focused on private banking. The proposed deal will be presented to extraordinary general meetings of both banks scheduled for June 25. It requires final approvals from regulatory authorities, bank officials say. The combined assets would be 11 billion dinars ($16 billion), positioning Bank al Etihad among the largest banks in the country, Salfiti said. The merger would allow Bank al Etihad to expand its operations in the domestic market and regionally where it would be looking for opportunities, he said. (Reporting by Suleiman Al-Khalidi; Editing by Elaine Hardcastle and Emelia Sithole-Matarise)
Zawya
15-05-2025
- Business
- Zawya
Bank al Etihad and INVESTBANK announce Jordan's largest banking merger
Bank al Etihad and INVESTBANK have announced that their respective Boards of Directors have approved a strategic merger under which Bank al Etihad will acquire 100% of INVESTBANK's share capital. The acquisition will be carried out through a capital increase by Bank al Etihad, with all newly issued shares allocated to INVESTBANK shareholders in exchange for transferring full ownership of their shares to Bank al Etihad. This move sets the stage for the formal merger of INVESTBANK into Bank al Etihad (the surviving entity), in accordance with applicable legal and regulatory frameworks. This merger marks a major milestone in Jordan's banking sector, creating a unified institution with significantly enhanced capital and operational strength. Following the completion of the transaction, Bank al Etihad's capital will increase to JOD 325.2 million, with total equity reaching approximately JOD 1 billion. Combined total assets will rise to nearly JOD 11 billion, positioning Bank al Etihad among the largest national banking institutions. The transaction represents a significant achievement and is aligned with the Central Bank of Jordan's strategy to encourage mergers that create stronger, more resilient financial institutions, particularly given the vital role banks play in supporting the national economy. This step is part of a well-considered strategic vision aimed at reinforcing the bank's local presence and driving regional expansion. The newly formed entity will benefit from greater operational flexibility and wider geographic reach, enabling it to access new market segments and grow its customer base both locally and regionally. It will also be well-positioned to deliver integrated financial services that meet the evolving needs of individuals and businesses. Both banks reaffirm their commitment to retaining employees, recognizing the essential role of human capital in sustaining success and maintaining institutional balance. They are dedicated to fostering a stable work environment that empowers talented professionals to thrive in this new phase. Basem Salfiti will continue to serve as Chairman of the Board, while Fahmi Abu Khadra will assume the role of Vice Chairman (subject to board approval). Muntaser Dawwas will be appointed CEO, pending approval from the Central Bank of Jordan. Her Excellency Nadia Al-Saeed, the current CEO, will continue in her role until the transition to the next phase is complete. The merger will be presented to the general assemblies of both banks in separate extraordinary meetings scheduled for June 25, 2025. This step will initiate the completion of all formal procedures, pending the necessary regulatory approvals from the relevant authorities, notably the Central Bank of Jordan, the Ministry of Industry and Trade / Companies Control Department, and the Jordan Securities Commission.
Jordan News
15-05-2025
- Business
- Jordan News
Bank al Etihad and Invest Bank in Jordan's Largest Strategic Merger Deal - Jordan News
Bank al Etihad and Invest Bank in Jordan's Largest Strategic Merger Deal Bank al Etihad and Investbank have announced that their respective Boards of Directors have approved moving forward with a strategic transaction under which Bank al Etihad will acquire 100% of the issued share capital of Investbank. اضافة اعلان The transaction will be executed through a capital increase by Bank al Etihad, via a private share issuance allocated entirely to Investbank shareholders, in exchange for transferring full ownership of Investbank's shares to Bank al Etihad in preparation for initiating the merger process of Investbank into Bank al Etihad (the merging bank), and in accordance with the legal and regulatory frameworks. This merger marks a significant milestone in the evolution of Jordan's banking sector. The resulting unified institution, Bank al Etihad, will possess enhanced capital and operational capabilities, with capital reaching JOD 325.2 million post-transaction, shareholder equity approaching JOD 1 billion, and combined total assets estimated at nearly JOD 11 billion - reinforcing the bank's position as one of the country's largest national banking institutions. This transaction is also fully aligned with the Central Bank of Jordan's vision to encourage banking consolidation, aiming to create stronger financial institutions capable of navigating economic challenges and serving as key partners in driving national economic growth. The merger represents a well-considered strategic move that seeks to strengthen local presence while enabling broader regional expansion. By creating a more agile, resilient, and geographically diverse banking institution, the merged bank will be better positioned to serve a wider base of retail and business clients, offering comprehensive and integrated financial solutions that meet evolving market needs. Both banks remain fully committed to preserving all current employees, recognizing the critical role of human capital in ensuring operational continuity and organizational balance, and reaffirming their dedication to providing a stable work environment that empowers talent through this next phase. As part of the post-merger leadership structure, Mr. Basem Salfiti will continue to serve as Chairman of the Board of Directors of Bank al Etihad, while Mr. Fahmi Abu Khadra will assume the role of Vice Chairman (subject to Board approval). Mr. Montaser Dawwas will be appointed as Chief Executive Officer of the merged bank, pending approval by the Central Bank of Jordan. Her Excellency Ms. Nadia Al Saeed, the current CEO of Bank al Etihad, will continue in her position until the next steps are taken. The deal is scheduled to be presented to the General Assembly in an extraordinary meeting for each of the two banks separately, which is planned to be held on June 25, 2025, as a step toward completing the formal procedures, after fulfilling the necessary regulatory requirements and obtaining approvals from the relevant official authorities, foremost among them the Central Bank of Jordan, the Ministry of Industry and Trade / Companies Control Department, and the Jordan Securities Commission.
Campaign ME
20-03-2025
- Business
- Campaign ME
Bank al Etihad's ‘Blind Faith' empowers visually impaired this Ramadan
Bank al Etihad and VML Amman have relaunched their 'Blind Faith' campaign for Ramadan 2025, an inclusive initiative that addresses the barriers faced by the visually impaired during this month. Ramadan is traditionally observed through visual cues like moon sightings and printed prayer timetables, which can present a barrier for the visually impaired, limiting their full participation. 'Blind Faith' addresses this by providing a Ramadan calendar. The calendar incorporates tactile moon phases and Braille sunrise and sunset times, enabling users to feel the rhythm of Ramadan. The 'Blind Faith' calendars were distributed through schools and centers for the blind across Jordan in the first week of Ramadan. 'We are deeply moved by the stories of how 'Blind Faith' enriched the spiritual experience of Ramadan,' added Natalie Alnaber, Chief Marketing Officer at Bank al Etihad. 'This initiative reaffirms our commitment to accessibility, and we will continue working to create more inclusive experiences for all members of our community.' 'Last Ramadan, 'Blind Faith' proved that creativity can illuminate even the most overlooked corners of our society,' shared Basel Jumaa, ECD at VML Jordan. 'We're honored to continue our partnership with Bank al Etihad, amplifying the spirit of Ramadan through inclusivity.' This year, the format has evolved from a personal bracelet to include a booklet for families, featuring numbers and writing in both Arabic and Braille, designed to benefit families with visually impaired members. This addition to the bracelet will enable the initiative to broaden its reach and impact. This initiative empowers visually impaired Muslims to experience the holy month's spiritual journey with greater independence and connection. 'The calendar concept touched us deeply because it showed that someone was thinking of our needs, making us feel truly seen and included during this special time,' shared one recipient. Many expressed profound gratitude for the recognition and thoughtful design, highlighting that such initiatives are rare.
